It is nice for once to be able to look at some growth in the Italian economy. The problem is that as I look at this quarter and the prospects for 2023 we have real wage growth of around -8%. mortgage costs rising and in addition to the price rationing of power for industry the prospect of actual blackouts. Italy relied on gas from Russia and used France and its nuclear capacity as another boost via energy imports. We know the issue with Russia and on Monday we noted the problems with France’s nuclear output with it now being an importer rather than an exporter of electricity.
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